With new compliance requirements, increased scrutiny from regulators and the pressure to maintain ones market position, reputation and brand, developing a comprehensive supplier management function has become critical in recent times. Banks can gain tremendous cost advantages and efficiency gains through increased governance and streamlined operations of supplier management.
The flavour of the season, nay the flavour of the year in India is heavy discounting. If you look at online retail, there are deep discounts being offered on goods and services. The discounts are no longer restricted to FMCG (fast moving consumer goods) ones alone, but span across healthcare products, consumer durables, consumer electronics and even fashion accessories. If you look at modern retail stores – they indulge in full page advertising in newspapers with details of item-wise discounts to entice consumers to descend in hordes, often stretching their fragile systems and processes to points of near breakdown. There is a mob mentality, which has clouded the thinking of even the most rational and astute of retail strategists in the country: If there is no sale, there is no sell – that seems to be the morale of the story.
I like Thomas Friedman. While some of his metaphors are twisted, he totally “gets” globalization and the unambiguous virtues of entrepreneurial-based economies.
You may be familiar with Friedman … he has written the best-selling books “The World is Flat”, “Hot, Flat, and Crowded”, and “The Lexus and the Olive Tree”. He also writes regularly in the New York Times.